Singapore-based Luxury Products eCommerce – Reebonz utilizing VeChainThor for Product Authentication

Singapore-based Luxury Products eCommerce – Reebonz utilizing VeChainThor for Product Authentication

Reebonz, a leading luxury online marketplace with operations in South-East Asia and the Asia Pacific region, has reportedly developed a product verification system based on the VeChainThor Blockchain.

The new blockchain-based verification process introduced by Reebonz is designed by today’s announcement to build trust and provide its members with authentication and ownership tools, using digital certificates.

Notably, the digital certificates will provide vital information about transacted goods, including transaction details and history, ownership provenance, and a QR code.

Reportedly, customers can now verify the authenticity of the approximately 50,000 products for which Reebonz issued a digital certification. The company is also continuing to develop “a scalable solution for all products.”

Reebonz also noted another advantage of incorporating the solution operated by VeChain into its ecosystem. The solution is expected to drive the company’s “Sell Back Guarantee” program, where after checking their validity a customer could choose to sell earlier purchased goods.

Reebonz also hopes to implement a feature down the line that will enable the transfer of digital certificates, or the revocation of unqualified product certificates.

Sunny Lu, VeChain’s CEO who recently suggested the DeFi optimized project, described their latest achievement as part of a momentum-building process that will help “make room for innovation, enabling friction-free, efficient and seamless e-commerce of luxury products.”